Singtel to sell stake in Warid Telecom

Tuesday 29 January 2013 | 14:27 CET | News
Singtel has agreed to sell its 30 percent stake in the Pakistani operator Warid Telecom to the Abu Dhabi Group. This gives the latter 100 percent of Warid's shares. Singtel will receive USD 150 million plus a 7.5 percent share of the net proceeds from any future sale, public offering or merger of Warid. The cash consideration is payable in several tranches up to the third anniversary after completion of the deal. Closing is dependent on a number of conditions still, including approval from Warid's lenders. Singtel previously provided a guarantee of USD 90 million and equity undertaking of USD

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Categories: Mobile & Wireless
Companies: SingTel / Warid / Warid Telecom
Countries: Pakistan
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